Happy First Time Home Buyers, Zach and Margaux Vogel, who completed their first home purchase in October 2015.
We have come up with several tips to help those of you who may be thinking of purchasing your first home in Estes Park in the next year.
Prequalify, prequalify, prequalify
We recommend that before you even look at a single property online or in person, you need to know exactly how much you can afford. This can help you set expectations and get a good idea of what your monthly expenses will be with a mortgage. We have several local lenders that we recommend to help you get pre-approved for a home that you can afford. These lenders will go over all of the options and loans available to you as a first time home buyer.
Work With A Buyer’s Agent
A buyer’s agent is an agent who is on your side and is someone who will spend time navigating you through the process to help you make wise decisions. A buyer’s agent in the state of Colorado is different than a transaction broker. A transaction broker must perform the duties of a real estate broker and facilitate purchase transactions without being an advocate or agent for either party. A buyer’s agent has a legal obligation to work in YOUR best interest only. In our office we have one of the only exclusive buyer’s agents in town and so we would love to talk to you more about this process. Bottom line, before you start working with a broker, find out if they are willing to work with you as a transaction broker or as your buyer’s agent.
In the Estes Park real estate market, finding homes that are within a first-time home buyers budget can be challenging. You must go into the process expecting that you could be competing with other buyers for the same property. You must be prepared to act fast, but also expect disappointment if someone else has a better offer than yours. It is possible that this process might require several attempts at offers before you connect with the right one. Again, hiring a buyer’s agent to work on your behalf to stay on top of new properties is essential. By staying patient, it is possible to find the home you desire, but it might take some time.
Do you know someone who is considering purchasing their first home in Estes Park? We would love your referral! Please give them our web site and contact info so we can connect! We would be honored to help them find their home in Estes.